• Algeria plans to modify energy law by the end of the year


              Algeria plans to revise the energy law before the end of the year as a member of the Organization of the Petroleum Exporting Countries (OPEC) seeks to attract more foreign companies, a senior Sonatrach energy source told Reuters.
    Algeria, a major supplier of gas to Europe, wants to increase its oil and gas revenues, which have been hit by falling world prices.
    But the oil companies are still largely out of line, saying the legal framework is too strict, administrative procedures are hampered and conditions generate little profit even in times of high oil prices.
    The new law is expected to facilitate foreign oil and gas exploration activities, including the production of untapped rock oil and further tax incentives, the source said.

© All Rights Reserved for Asharqia Chamber